Utility Tractor Market to Witness Increase in Revenues by 2024

Utility tractors are commonly used for various agricultural and non-agricultural purposes. The main applications of utility tractor are ground keeping, landscaping and other commercial purposes. Furthermore, additional features of utility tractors are attaching or detaching of plaguing equipment such as grader, blades, mid- or rear-mount finish mowers, subsoiler, rotary cutter and rototiller. It is very easy for the farmers to purchase these tractors for small agricultural applications. In North American region, utility tractors with rear-mounted snow blowers are gaining superior traction in the market due to cold climatic conditions. The major end users of the utility tractors are agricultural farmers and landscape contractors. Over the last few years, sales of 2-WD (Two Wheel Drive) and 4-WD (Four Wheel Drive) tractors have witnessed an increase in the growth of sales and the same trend is anticipated to continue over the slated time period. The sales of utility tractors in the global market is projected to grow with a healthy CAGR during the forecast time period.

Segmentation

The global utility tractor market can be segmented on the basis of Drive:

Pedestrian Type

Wheeled Type

The global utility tractor market can be segmented on the basis of Application:

Increasing demand of low budget agricultural equipment for personal plaguing purposes and in government projects such as field plaguing is expected to drive the global utility tractor market over the forecast time period. Furthermore, growing government subsidies on agricultural machine is also capturing consumer’s eyes towards the market in the foreseeable time period.

Trend

Industry leaders are investing hefty money in the research and development in order to make a cornerstone in the global market. Moreover, Tech giants are focusing on manufacturing Continuously Variable Transmissions (CVT) system for utility tractor. Continuously Variable Transmissions (CVT) system is easy in operation owing to this system has no manual gear & clutch system, each and every transmission related to tractor is automatic.

Regional Market Outlook

The global utility tractor market is segmented into the following regions – North America, Latin America, Europe, APAC and Middle East and Africa. APAC region is expected to dominate in the market owing to rapidly growing agricultural industry. North America is anticipated to be the 2nd largest market, owing to growing small scale government projects related to agricultural industry. In Europe, the growth rate for the market is witnessed to be healthy due to increasing mid-size dairy farm, particularly in Italy and Germany. Middle East & Africa region is projected to grow with sluggish growth rate owing to low growth rate of agricultural industry particularly in GCC countries. Meanwhile, Saudi Arabia and Egypt are estimated to grow with noteworthy growth rates throughout the forecast time period.

RRI surveys a number of companies in order to estimate the data covered in the report through triangulation methodology. A detailed market understanding and assessment of the drive and application segments covered in the study. The research methodology also includes interviews conducted for various industry leaders by the research experts. This helps the researchers to match their previous findings with the ones confirmed from various resource persons. The report focuses on analyzing the supply-side approaches and keeps a track of that of the demand-side so as to make sure the findings are true. The global market scenario has been derived by consolidation of regional market overviews.